It is good to report “significant growth and strategic progress”. Achieving them in the “year of change” in addition to recent IPOs is even better. In this way, In The Style updated the market on Wednesday, releasing a series of strong numbers for the 12 months ending March 31st. It also maintained momentum in the first quarter of the new year.
The “fast-growing” digital womenswear fashion brand is certainly drawing attention from its “innovative influencer collaboration” model, with nine new influencers creating the collection.
Annual sales were up 132% to £ 44m and direct consumer sales were up 108% to £ 36.4m. Its minor wholesale business got even better, with revenues 353% ahead at £ 8.3m.
He said sales in the first quarter of 2010 continued this pattern, up 44% from the previous year, “despite the strong blockade comparison in 2009.”
Last year’s adjusted EBITDA loss of £ 1.1 million was now more than expected at £ 3.8 million. The adjusted pre-tax loss of £ 2.2 million a year ago was also a profit of £ 2.5 million.
There were other good points. The frequency of collection of new products increased from twice a week in FY2008 to three to four times a week in FY2009. It “supported the progress of some key performance indicators as a whole,” he said.
These include: Website visits increased by 30% year-on-year. 62bps improved conversion rate over the same period. The average order value increased by 10%. Order frequency increased by 16%. New customer acquisition increased by 19%. Sales through its own In The Style app “significantly increased”, accounting for 55% of total e-commerce sales during the period, up from 19% a year ago.
And there was the launch of a new partnership with Asda Sell the In The Style collection in over 100 stores in the UK.
No wonder CEO Adam Frisby is bright. “At the heart of our success is a differentiated influencer collaboration model that creates strong customer connections, drives highly efficient customer acquisition marketing metrics, and enables contact with a wide range of customers.
“We continue to move forward in line with our strategic goals, partly driven by the highly acclaimed collaboration of Stacey Solomon and new initiatives such as the national Asda partnership.”
After raising £ 11m to support the group’s long-term growth following the success of the March IPO, he added:
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Influencer trading models lead in-the-style to a “outstanding” year
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